Google launching Spotify competitor?

Google is reportedly going to launch a streaming music service to boost Android

Watch out Spotify and Slacker Radio, as Google is reportedly working on a streaming music subscription service for Android, according to reports from Bloomberg.

Google Music already streams music to your Android devices but this only streams music that you've already uploaded to your personal music locker. The rumor claimed that Google could offer a subscription service that lets you stream and download music you don't own already, similar to what Spotify does.

The rumor also maintains that the service could be launched in the third quarter and would make for a good announcement at the Google I/O conference. As you would expect, Google hasn't commented on the rumor.

This rumor comes on the heels of reports that Apple plans to launch its own music streaming service, but those seem to indicate that it will be more of a Pandora-like service. Nokia has also rolled out its music service for its Lumia phones, so this shows how important having your own content ecosystem is becoming.

One thing that could keep Spotify and Pandora awake at night is that Google could subsidize its plans to make its services cheaper. Spotify costs about $10 a month for mobile access and I wouldn't be surprised to see Google trying to get that cost down, if it can.